Stalin opposes Turkey's inclusion in any Balkan federation, suggests that Bulgaria and Yugoslavia's confederation should be postponed and that Bulgaria should assert its rights to the Aegean. He says that the Soviet Union has only allied with capitalist nations to defeat the most dangerous of them, Germany; says that capitalism has decayed and the conditions for socialism are good. Promises Russia's assistance in developing Bulgaria's industry.

Churchill, Eden, Stalin, and Molotov discuss the leadership in Poland, Britains interests in Greece and Hong Kong, the actions of Romania and Bulgaria during the war, Turkey, the need for the Great Powers to exert influence on the Balkans to prevent small wars, the leadership of Italy, interests in Bulgaria and Romania, the dividing of Germany and Germany's future, and the American plans in the war against Japan.